Michel Ben-Baruch, the chairman of SIBAT. Photo: Wikipedia.

An Israeli military industry official said that the country’s defense exports had exceeded $5 billion in 2015, despite international defense budget cuts, currency fluctuations and dropping oil prices, the Hebrew news site nrg reported on Tuesday.

Michel Ben-Baruch, the chairman of SIBAT – the Defense Ministry’s International Defense Cooperation Directorate – made his comments at Tuesday’s opening ceremony of the Israeli pavilion at the Singapore Airshow, taking place this week (from Feb. 16-21), where Jerusalem has the largest presence among the participating countries.

Ben-Baruch said that Israeli industries must continue overcoming global challenges by making the most of their capabilities.